Southern Michigan Bancorp, Inc. (SOMC)

Southern Michigan Bancorp Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Mar 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	65.69	64.38	54.89	36.58	32.59	28.38
Interest Income on Investments	11.42	11.74	10.68	7.55	4.55	3.44
Total Interest Income	77.11	76.12	65.57	44.13	37.14	31.82
Interest Paid on Deposits	29.5	29.01	20.59	4.12	2.27	4.03
Interest Paid on Borrowings	5.67	6.02	5	1.91	1.55	1.12
Total Interest Expense	35.17	35.03	25.59	6.03	3.82	5.14
Net Interest Income	41.94	41.09	39.98	38.1	33.32	26.68
Net Interest Income Growth (YoY)	4.50%	2.77%	4.93%	14.36%	24.90%	2.11%
Trust Income	2.84	2.74	2.42	2.26	2.27	2.05
Gain (Loss) on Sale of Assets	-	-	-	-	0.01	0.02
Gain (Loss) on Sale of Investments	-0	-0	-	-0.67	0.01	-
Other Non-Interest Income	3.55	3.39	3.34	3.66	3.16	2.57
Total Non-Interest Income	8.88	8.49	7.74	7.38	9.02	8.4
Non-Interest Income Growth (YoY)	11.49%	9.73%	4.85%	-18.14%	7.33%	10.17%
Revenues Before Loan Losses	50.82	49.58	47.72	45.48	42.33	35.08
Provision for Loan Losses	1.18	1.01	0.95	0.28	1.5	2.6
Revenue	49.64	48.56	46.77	45.21	40.83	32.48
Revenue Growth (YoY)	4.67%	3.84%	3.45%	10.71%	25.74%	-3.13%
Salaries and Employee Benefits	21.25	20.77	18.7	16.97	15.06	13.31
Occupancy Expenses	2.17	2.05	1.81	1.68	1.57	1.52
Amortization of Goodwill & Intangibles	0.77	0.77	0.78	0.38	0.33	0.04
Selling, General & Administrative	9.35	9.4	9.31	7.41	7.24	6.59
Other Non-Interest Expense	3.56	3.43	2.82	2.7	2.52	2.23
Total Non-Interest Expense	37.09	36.43	33.42	29.13	26.71	23.69
EBT Excluding Unusual Items	12.55	12.14	13.35	16.07	14.12	8.79
Pretax Income	12.55	12.14	13.35	16.07	14.12	8.79
Income Tax Expense	1.78	1.74	2.44	2.58	2.36	1.4
Net Income	10.77	10.4	10.91	13.49	11.76	7.39
Net Income to Common	10.77	10.4	10.91	13.49	11.76	7.39
Net Income Growth	1.81%	-4.61%	-19.17%	14.75%	59.18%	-14.34%
Basic Shares Outstanding	5	5	5	5	5	5
Diluted Shares Outstanding	5	5	5	5	5	5
Shares Change (YoY)	0.88%	0.38%	-0.08%	-0.14%	-1.18%	-0.13%
EPS (Basic)	2.35	2.28	2.40	2.98	2.59	1.60
EPS (Diluted)	2.35	2.28	2.40	2.97	2.58	1.60
EPS Growth	0.91%	-5.00%	-19.19%	15.12%	60.82%	-14.21%
Dividend Per Share	0.610	0.600	0.560	0.520	0.480	0.460
Dividend Growth	7.02%	7.14%	7.69%	8.33%	4.35%	-
Effective Tax Rate	14.18%	14.31%	18.30%	16.06%	16.73%	15.96%

Updated Feb 14, 2025. Source: S&P Global Market Intelligence. Banks template. Financial Sources.